Plaid is a finance technology (fintech) company that enables applications to connect with users’ bank accounts and act as a medium to connect your bank accounts and financial apps.
What is Plaid?
Plaid, which was founded in 2013 is a financial services company based in San Francisco, California. It was founded by William Hockey. The company enables applications to connect with users’ bank accounts and act as a medium to connect your bank accounts and financial apps. Plaid helps to keep your information login private by communicating with your bank or finance provider during transactions. It is said that Plaid claims that their software uses the best encryption protocols to protect users’ information.
If you are using financial services such as American Express, Upstart or Venmo, you have probably encountered Plaid services. As a middle-person, Plaid helps to authenticate your financial data, allowing bank and financial services companies to transfer sensitive information securely. Currently, Plaid is in venture with a variety of large banks, credit card companies and financial companies’ apps like Bank of America, American Express and U.S. Bank.
Plaid Overview
Plaid Pricing
Plaid comes in three plans which are Test, Launch, and Scale. The pricing differs in different countries and depends on users’ needs. If you are confused whether to subscribe to Plaid or not, you can always try out their Test plan.
The Plaid pricing are as follows:
| Plans | TEST | LAUNCH | SCALE |
| Price | FREE | Pay as you go | Custom $500+ |
| Description | Build and test using our core set of products with up to 100 live items. | Launch your project with unlimited items and no contractual minimums. | Get tailored solutions, volume pricing, and dedicated support for your team. |
Plaid Pricing Plans
There are a number of features available with each plan of Plaid. All the plans are designed for specific groups. By creating a login for the Test plan, users can use the platform for free, forever. This plan is not a trial version but rather a brief look at the software and all that it can offer. In the Test plan, you will get access to:
- Payment Initiation
- Transactions
- Auth
- Balance
- Unlimited test credentials
If your needs are more advanced, Launch and Scale plans are available. In the Plaid’s website, the pricing section is not designed to make prospects choose between plans but rather more to guide them along to get comfortable with the product before contacting sales and subscribe to the plan with features that suit their needs.
Plaid Scale Plan Pricing
In this plan, Plaid allows users to custom and design the plan that is tailored to their very need. Users that subscribed to this plan will get dedicated support to help their team along the journey with Plaid. In Scale plan, you will get access to:
- Payment Initiation
- Transactions
- Auth
- Balance
- Investments
- Identity
- Assets
- Unlimited test credentials
- Premium support
- Account management
- Integration assistance
Plaid Product Comparison
Another offering that can compete with Plaid is TrueLayer. TrueLayer offers instant access to open banking. Users can easily integrate payments and financial data into any app. TrueLayer is mostly used commonly in the UK where it enables companies to capitalize on new Open Banking initiatives by providing secure, clear and simple access to banking infrastructure.
The major difference between Plaid and TrueLayer is that Plaid supports a variety of platforms including Windows, Mac, Linux, SaaS, iPhone, Android, iPad and even Chromebook. While TrueLayey on the other hand only supports SaaS platforms.
How Much Does Plaid Cost?
There is no actual estimation of how much Plaid cost on their website. Users are encouraged to contact the Plaid sales team for further inquiries or to discuss the features and budgets or contact RevPilots.
If Plaid Pricing is Too High, Check Out These Plaid Alternatives
- Stripe Connect
- MX
- Codat
- Lightico
- Envestnet Yodlee
- IntSig OCR Solutions
- Flinks
